While other healthcare companies including Covidien (NYSE:COV) and Abbott (NYSE:ABT) have seen fit to split their drug and device businesses, it's perhaps lucky for Johnson & Johnson (NYSE:JNJ)
shareholders that their company has not gone the same route. While it
wasn't really so long ago that JNJ's drug business was struggling, now
it's the consumer and device business that need the pick-me-up. Even
with the strength of the drug business and the wider healthcare sector,
though, it's hard to see a lot of surplus value in the shares at these
prices.
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